The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.

The latest data is showing that the average rate for a 30 year fixed rate mortgage (from FHA and conforming GSE data) jumped 11 basis points to 3.76% since last week while the purchase application volume increased 3% and the refinance application volume declined 12% over the same period.

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